Lightstone Group scores $355M construction loan for hotel at Fig+Pico
The dual-branded Marriott AC and Moxy hotel will bring 744 rooms to Downtown
Lightstone Group has secured a $355 million construction loan to build the Marriott AC and Moxy Hotel at “Fig + Pico,” its sprawling mixed-use project next to the Los Angeles Convention Center area. It will be one of two hotels at the development, expected to deliver at total of 1,150 rooms.
Children’s Investment Fund provided Lightstone with the four-year loan, which was arranged by Meridian Capital. The Los Angeles Business Journal first reported the deal.
Rising 38 stories, the dual-branded Marriott AC and Moxy Hotel at 1248 South Figueroa Street will include 744 rooms. There will also be 11,000 square feet of retail and parking.
Lighstone is also building another 27-story hotel at “Fig + Pico,”, which will have 378 rooms and 2,145 square feet of retail. Hilton brand has been rumored as the operator.
Gensler and landscape architect AHBE are designing the two hotels.
New York-based Lightstone secured city approval for the project last summer.
An LLC affiliated with the developer spent $826,000 on lobbying elected officials for approvals — the most any developer last year, according to a report published this week.
Lightstone’s Fig + Pico comes as developers in all pockets of the county look to build more hotels. Earlier this week, Sandstone Properties filed plans for a 175-room hotel in Culver City, where a flurry of entertainment and media companies are relocating.